Investment Connection in Puerto Rico

Investment Connection matches financial institutions and other capital providers ("funders") with nonprofit and community development organizations ("applicants") whose needs may qualify for credit under the Community Reinvestment Act (CRA). The program's aims are to boost investments in low- and moderate-income communities and encourage partnerships between funders and local stakeholders.

These connections help funders better understand the needs of low- and moderate-income communities and build relationships with members of the nonprofit community. In addition, Investment Connection educates applicants on the CRA and community development.

Learn about the rollout of the Investment Connection in Puerto Rico below. For more information, read our Frequently Asked Questions in English or Spanish. For more information on the Community Reinvestment Act, read our fact sheet in English or Spanish. For questions, email NYInvestmentConnection@ny.frb.org.

On May 30, the New York Fed hosted a workshop on the Community Reinvestment Act in San Juan, Puerto Rico. See the agenda in English or Spanish.

On September 12, the New York Fed and LISC hosted a workshop on public, community, and private partnerships and tax credits in San Juan, Puerto Rico. In addition, attendees learned about the Investment Connection program. See the agenda in English or Spanish.

On September 23, the New York Fed held two conference calls in English and Spanish with organizations that are interested in participating in the program.

• Teleconference in English: 10:00-10:45 a.m.
• Teleconference in Spanish: 11:00-11:45 a.m.

From October 1 to October 15, organizations servicing Puerto Rico can submit proposals that meet the following guidelines:

• The organization or proposed project must currently or will operate in Puerto Rico, the geographic area for this Investment Connection program.
• The organization must have demonstrated expertise in the project area proposed and a record of sustainable operations.
• Proposals must generally align with the definition of a community development activity in accordance with the CRA.
• Greater consideration will be given to proposals that address disaster recovery and resiliency.

Review a sample Investment Connection proposal in English or Spanish.

Proposals and supporting documentation must be submitted on the Investment Connection website. Read an overview of the Investment Connection website and proposal submission process in English or Spanish.

From October 15 to November 30, submitted proposals will be reviewed by New York Fed CRA examiners and community development finance staff to determine if the proposed loan, investment, or service generally aligns with the definition of a community development activity in accordance withthe CRA. This evaluation does not constitute a determination that a loan, investment, or service made by the funder to the organization will receive CRA credit.

Applicants will be informed of their proposal status in December 2019. Approximately 15 to 20 proposals will be selected for the Investment Connection Pitch Program.

On December 5, the New York Fed held an informational session for banks, foundations, and investors.

Organizations with accepted proposals had the opportunity to present their proposal pitches to funders, including banks, philanthropic organizations, and impact investors, at the Investment Connection Pitch Event on January 27-28, 2020, in San Juan Puerto Rico. Over two days, leaders of each participating organization provided an overview of their proposal, giving investors the opportunity to engage with some of the leading economic and community development organizations in Puerto Rico.

Learn more about the proposals.

The proposal submission period for Investment Connection in Puerto Rico is closed. If you have any questions regarding your proposal or the program, please email NYInvestConnect@ny.frb.org.